Matt Leech 29th October 2012
There is a massive problem in Australia! There is a good chance that a lot of Australians will struggle once they have decided to retire.
I often hear fellow Gen Y's say that they have a long time until they retire so no need to do anything.
The point is you're right! you do have time but you are wrong if you don't use this time.
You should consider looking at the following:
- Consolidate your Superannuation accounts into one fund.
- Review the investment option you are in and seek advice on where you might be better suited.
- Weigh up whether you should contribute a little more (doesn't matter how little).
- Diversification of the investment.
Let me give you a rough idea of what you might need;
Let's say you're 30 years old and you have $50,000 in Superannuation already. You earn $60,000 p.a. and would like a similar amount in retirement, 30 years from now.
At retirement age of 65, you will require a capital amount of roughly $1,300,000 worth of assets to make this possible (in today's dollars)
The best part is you might just make it but you need to build a strategy on how you might achieve this and let time build it for you.
Just in case you don't make it 'Rich'.............'Fly trying' is your next option because doing something is better than nothing.
